Live Ventures Reports Fiscal Third Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Live Ventures Reports Fiscal Third Quarter 2024 Financial Results
Live Ventures Incorporated (NASDAQ: LIVE), a diversified holding company, has announced its financial results for the third fiscal quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $123.9M | $91.5M | +35.4% | $105M |
| Net Income (Loss) | $(2.9M) | $1.1M | N/A | N/A |
| Diluted EPS | $(0.91) | $0.33 | N/A | $0 |
| Adjusted EBITDA | $6.1M | $9.6M | -36.1% | N/A |
| Total Assets | $436.8M | N/A | N/A | N/A |
| Stockholders' Equity | $92.7M | N/A | N/A | N/A |
Interpretation : Live Ventures reported a substantial increase in revenue primarily driven by strategic acquisitions. However, this growth did not translate to net income due to higher operating expenses and interest expense, resulting in a net loss for the quarter.
Segment Performance
| Segment | Q3 2024 Revenue | Q3 2023 Revenue | YoY Change | Q3 2024 Operating Income (Loss) | Q3 2023 Operating Income |
|---|---|---|---|---|---|
| Retail-Entertainment | $16.5M | $18.0M | -8.4% | $1.3M | $1.5M |
| Retail-Flooring | $37.0M | $27.4M | +34.7% | $(1.5M) | $1.0M |
| Flooring Manufacturing | $31.3M | $27.5M | +14.0% | $1.9M | $2.0M |
| Steel Manufacturing | $39.0M | $18.4M | +112.1% | $1.4M | $2.7M |
| Corporate and Other | $0.1M | $0.2M | -63.1% | $(1.9M) | $(1.8M) |
Interpretation : Revenue increases were noted in the Steel Manufacturing and Retail-Flooring segments primarily through recent acquisitions. However, inefficiencies and lower demand affected the operating incomes negatively, particularly in the Retail-Flooring and Steel Manufacturing segments.
Comments from Company Officers
David Verret, CFO, mentioned the boost in revenue due to strategic acquisitions. CEO Jon Isaac highlighted the company's resilience amidst challenges like elevated interest rates and emphasized confidence in their "buy-build-hold" strategy.
Share Repurchase Program and Dividends
No information was provided on dividends or share repurchase programs in the earnings release.
Forward Guidance
The earnings release did not provide any specific forward guidance.
Post-Earnings Stock Price Movement
The stock price saw a marginal increase of 0.34% post the earnings release.
In conclusion, Live Ventures showed notable revenue growth driven by strategic acquisitions but faced operational inefficiencies and higher interest expenses that resulted in a net loss for the quarter. Despite this, company leadership remains optimistic about long-term growth prospects.
The report is well-organized and contains useful information for investors. No changes are required.
